| The Gross State Domestic Product (GSDP) of Andhra Pradesh is expected to witness a sharp rise during the current financial year due to good monsoons and impressive performance of the industrial and services sectors.
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| An exhaustive forecasting done by the Directorate of Economics and Statistics based on the performance of various sectors indicated that the GSDP would be around Rs 1,13,754 crore for the 2005-06 fiscal as compared to the updated figure of Rs 1,05,673 crore for 2004-05.
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| This represents an increase in the GSDP growth rate to 7.65 per cent as compared to 5.75 per cent growth registered in 2004-05. The GSDP estimates prepared by the Directorate were reviewed at a meeting chaired by chief minister Y S Rajasekhara Reddy here today.
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| This estimated growth rate is significant considering that the GSDP growth, on an average, stood at only around 5 per cent for almost a decade, since 1995, a CMO press release said.
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| According to advance estimates for 2005-06, production of food grains would be 145 lakh tonnes and oil seeds would be 23 lakh tonnes.
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| The income from agriculture is likely to be around Rs 14,856 crore, which works out to 13.06 per cent of the GSDP. With livestock expected to contribute 7.50 per cent, fishing 2.36 per cent and forestry 0.67 per cent, the overall share of agriculture and allied sectors is projected at 23.59 per cent, an increase of 6.99 per cent over last year.
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| The income from industrial sector comprising mining and quarrying, manufacturing, electricity, gas, water supply and construction is projected at Rs 29,779 crore in 2005-06 as compared to Rs 27,973 crore in 2004-05. This will mean a growth of 6.46 per cent.
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| With housing activity receiving a fillip due to various governmental initiatives, the sub-sector of construction is expected to register a significant growth of 8.39 per cent while electricity, gas and water supply are likely to reflect an increase of 6.40 per cent.
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| The income from services sector, comprising trade, hotels, restaurants, transport, communications, financing insurance, real estate and business services, is estimated to be Rs 57,142 crore during the current financial year as compared to Rs 52,620 crore last year.
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| This sector is expected to contribute around 50 per cent to the GSDP, in tune with the global phenomenon of a big boom in the field of services.
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| Within the services sector, the increase in various fields is expected to be: Communications (21.20 per cent), public administration (10.20 per cent) and trade, hotels and restaurants (6.31 per cent). |
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